Israel Aerospace Industries Ltd. will pay $196 million this month to Spacecom Satellite Communications Ltd. for the loss of the Amos 6 communications satellite.
Spacecom will also receive $10 million for late delivery of the satellite, which blew up aboard the SpaceX Falcon launcher in Florida owned by Elon Musk. The explosion came several days before the equipment was to go through a routine test-firing.
The satellite was insured by IAI through Lloyds of London, which will pay the money directly into an account under lien to Spacecom’s bondholders, the Globes business news service reported.
Spacecom has lost some $200 million in revenue that would have resulted from contracts that were signed with communications providers for use of the satellite.
